Now even that name would be passe.
The financial collapse heard round the world has put off the energy crisis for a year or 2, may be even 3. A shrinking economy derails the need to expand energy production. IT DOES NOT DERAIL THE NEED TO EXPAND FOOD PRODUCTION.
IF the population expands, AND/OR the population wishes to consume more meat/Then the world needs to increase its supply of grains. Financial market conditions are giving farmers great incentive to plant less. The entire Federal Government is busy looking at the Big 3/problem of the day while the Wolf sneaks in the door.
Us or them.
Russia is on the verge of COLLAPSE - AGAIN. Well, as an American, it was better them than us. Oil was going to King either Russia or the U.S. and destroy the other, and in the long run Oil will probably wipe the floor with both countries. This round went to the U.S.
This has given the U.S. a unique opportunity, and has presented a significant challenge. The U.S. is the MOST LEVERAGED NATION in the world to Oil prices. While the price is down and supplies are plentiful, this is the moment to invest in electrified rail transportation, educate our population, build nuclear plants, wind and solar farms, enact new zoning regs, etc... to redefine our living arrangements.
Is it going to happen? NAFC.
"U.S. household wealth fell from July to September by the most on record as property values and stock prices tumbled, Federal Reserve Data Show."
This process is going to continue over the course of the next decade leaving the economic landscape of 2020 almost unrecognizable to folks in their 30's, 40's and 50's.
This is the time to invest in yourself - your small business or professional practice - and to be EXTREMELY frugal. Those of you that know me know I drive an 8 year old truck (my wife drives a 3 year old Ford Minivan with NO extras) but mostly I bike around town. I can afford to drive whatever I want, but I am as frugal as a "Scottsman that has been stripped of his charity". We have a religious belief against wearing jewelry, and I have not been in a clothing store in years (for me, socks and underwear come from Costco). I would rather drag my butt through 6 miles of broken glass than have a car loan, credit card debt, or a mortgage. I am not preaching. I am merely pointing out a system of values that will help you buy your life back from the world. I look at every "monthly payment" - cell phone, cable TV, etc... with a jaundiced eye of malevolence. I do spend a fortune on private school, tutors, and private lesons for my children, and will continue to do so with my last dime. Frugal as I am, I feel like a live like a King. I surf, train jiu-jitsu, bike ride, garden, etc... PLAYTIME... endlessly. Most of my hobbies cost very little to indulge.
Read this excellent link. It is the first chapter of the book "The Millionaire Next Door". If you are already a Millionaire, good for you - now stay that way by being frugal. If you are not, this is as good a guide as any I have seen. The problem in the future is how you STORE your wealth. Somehow I think financial assets are going to come up short for our purposes. Your business will be an important store of value.